![]() "From my perspective, I really like the flexibility of our balance sheet and our operational performance. "Creating certainty is an important part of our strategy, and today we have more than sufficient capital to fund our remaining contractual payments on miners and construction to achieve our 16 EH/s goal," said Gary Vecchiarelli, CFO. We continue to build on our longstanding track record of executing on our commitments, and I'm proud to say that this is a truly best-in-class team." We have over $90 million in cash and almost 1,200 bitcoins on our balance sheet as of today. That growth is translating to record-setting revenue. "We now operate over 9 EH/s of efficient computing power at some of the industry's best all-in electric rates. "We have fully funded our growth to 16 EH/s, including miners, facilities, and other infrastructure, on top of a record-breaking quarter in terms of growth and revenue," said Zach Bradford, CEO. Join us on Telegram and follow us on Google News."We have fully funded our growth to 16 EH/s," said Zach Bradford, CEO. Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief.Ĭan’t wait? Get our news the fastest way possible. Subscribe to Blockworks’ free newsletter now. Get the day’s top crypto news and insights delivered to your email every evening. It has a 52-week low of $1.74 and a high of $7.60. The stock, which trades under ticker symbol CLSK, closed at $5.05 Wednesday. “Once all the XPs that are on hand or ordered are plugged in and hashing, we expect to see our efficiency…coming in at approximately 25 joules per terrahash.”ĬleanSpark’s stock is up roughly 150% year to date, though it’s down nearly 23% in the past month. “This is good but not good enough for us,” Bradford said. It’s also focusing heavily on efficiency.Īs of July, its fleetwide efficiency was 29 joules per terrahash. However, the company isn’t just focused on raw numbers of miners or mining locations. ![]() The data center in the city of Dalton, which CleanSpark acquired last quarter, is now running at “full capacity,” Bradford said.ĬleanSpark also got the mining location in Washington up and running in July, which added 50 megawatts of power and over 15,000 mining machines to its overall operation. The additional miners that have been purchased and the buildup of Sandersville are fully funded, according to Bradford.ĬleanSpark’s other sites in Georgia are also contributing to the hashing gains throughout 2023. “We are now set to nearly double our hash rate in a matter of a few months with the expansion of Sandersville site,” Bradford said. The site currently operates at about 80 megawatts, but the upgrade will add 150 megawatts. Many of those miners are set to be a part of the expansion of CleanSpark’s data center in Sandersville, Georgia. The Nevada-headquartered company boasts a total miner fleet of around 150,000 units, with another 60,000 on hand or pending delivery, Bradford said on the call. Now, although there can be no guarantee this will occur, if it does, we would expect to see substantial inflows of funds into Bitcoin,” Bradford said. “ track record suggests that they believe there is a path to successfully launch an ETF. But he also pointed out that there are trillions of dollars worth of assets under management by the firms applying, which he said he believes could jumpstart bitcoin if the ETFs prove popular. This somewhat reflects Galaxy CEO Mike Novogratz’s statement on Tuesday that the process of the SEC reviewing these ETF applications probably has a six month window.īradford is in particular watching BlackRock, the largest asset manager in the world and a major player in the race to a bitcoin spot ETF. He expects approvals of bitcoin spot ETFs in “a matter of months, not years.” On Wednesday, CleanSpark released third quarter earnings, reporting an operating hash rate of 9 exahashes per second and a 47% revenue jump compared with the same period last year.ĬleanSpark CEO Zach Bradford announced that the company’s year-end goal of reaching 16 exahashes per second (EH/s) is fully funded, which includes miners, facilities and other infrastructure, he said on an earnings call.īradford said CleanSpark is well positioned in the market and expressed excitement for the future of the world’s largest digital asset, citing the recent spate of bitcoin spot ETF applications.
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